Why we need to redefine good business

Good Business Planet Over Profit

Good noun

  1. that which is morally right; righteousness.

  2. benefit or advantage to someone or something

For decades good business has been synonymous with one factor: profit. And you know what, we’re not going to disagree completely – companies need to make money to survive. We know that, we are a business too. But there are some other necessities that everyone needs to survive; people and planet. Despite what many companies fear, prioritising those two ps drives positive change and profit. That’s why we are committed to redefining good business.

Businesses that do good are the future

Financial success has always defined businesses. Yet, doing well in other areas has always been a factor, too; being the most inventive, hiring the best marketing team, being the best at predicting future trends. So much goes into becoming one of those success stories. It would be foolhardy not to acknowledge that sustainability will be the deciding factor for longevity over the coming years.

Fabl Creative Good Business Diversity Working Trio

Consumers want to know you really care

While we argue about who is ultimately responsible for global warming, we do something perilous: we make it someone else’s problem. Climate change is caused by human activity. Admittedly, 70% of emissions are the responsibility of just 100 fossil fuel companies, who have held that power of choice over us all for a long time. But breaking it down further, there are ways that smaller businesses and individuals have power too, and only when we take steps to make positive, impactful changes is any meaningful difference made. For any business, owning the level of responsibility that you have in the chain is vital. Making transparent, honest decisions that mitigate the impact of those actions should be a necessity.

Greenwashing is a false economy

Fabl doesn’t have time for (and will not work with) businesses that make false claims about their true environmental impact – and neither do consumers. With nations around the world pledging to be net-zero, at varying time scales, companies need to get on board. Companies’ ethical and environmental policies are becoming a major deciding factor for consumers. With Gen Z and Generation Alpha as the buyers of the future, ignoring sustainability is a huge mistake.

Sustainability demands that a company uses its energy and resources more efficiently. And what does efficiency ultimately do for a business? Increase profits. Pretending to be sustainable is a costly and unethical mistake to make.

Can you become a good business?

Google “three ways to be a good business” and the search engine assumes you’re asking how to make money. But good is an innocent word. Good is for the heroes and the redeemed bad guys. So, we thought we’d give you three easy ways to be a better business that will make you a good business, doing great things.

 

  1. Adjust your hiring strategy by advertising roles and recruiting from a wide variety of sources to create a more diverse workplace.
  2. Choose natural capital or carbon offsetting that aligns with your overall vision to balance your company’s carbon emissions. 
  3. Run a sustainability audit that looks at your company’s practices and the sustainable options you can replace them with to create and implement new policies that give your company purpose and profits.